US Airways’ Earnings More Than Double
From Bloomberg News
US Airways Group Inc.’s second-quarter profit more than doubled, with sales rising 10% and labor costs declining as the carrier sought to avoid a second bankruptcy filing.
Net income rose to $34 million, or 59 cents a share, from $13 million, or 25 cents, a year earlier, which included U.S. aid for security expenses, the Arlington, Va.-based carrier said. Sales climbed to $1.96 billion.
US Airways’ labor expenses fell $95 million, or 13%, in the quarter. The airline is seeking more concessions from employees and wants agreements by September to reduce costs and help recover from $365 million in losses in the three previous quarters.
US Airways shares rose 22 cents, or 9.2%, to $2.60 on Nasdaq.
